Philly Fed president against platinum coin

Don’t tell The Stalwart (actually, he knows), but the president of the Philadelphia Fed is against the Treasury Department issuing a $1 trillion coin as a way to get around the debt ceiling.

The platinum coin “doesn’t solve any real problem, so I don’t know why we want to risk the credibility” of the government, Charles Plosser said, according to a Wall Street Journal account of his comments after a speech he delivered in New Jersey.

The opposition from Plosser is of course not a surprise — far more newsworthy would be support from any Fed member, much less an anti-inflation hawk like the Philadelphia Fed president.

Even the coin’s only known supporter in Congress, Rep. Jerrold Nadler, didn’t mention it in an op-ed the New York Democrat penned for The Hill on why he wants the debt ceiling to be abolished.

“There is certainly a time and a place for discussion of the proper levels of taxation and spending, and I am ready to have that discussion. But such discussions need not – must not – be tied to the routine raising of the debt ceiling to pay for debts already incurred. It’s time to repeal the debt ceiling, and I will soon re-introduce legislation to do so,” Nadler wrote.